Funds preserved for minority-owned firms

Rep. Alicia Reece sponsored an amendment that will guarantee minority
businesses have… more

Ohio state funds transferred to the Capital Access Loan Program Fund are expected to remain earmarked for minority-owned businesses, thanks to an amendment passed by the Ohio legislature.

The amendment, sponsored by Rep. Alicia Reece, D-Cincinnati, passed unanimously in the House, according to a news release issued by Reece’s office.

“The bipartisan vote by the House will guarantee that minority businesses will have access to the resources they need to succeed and create jobs,” Reece said in the release. “Initially, we were worried the state’s Minority Business Enterprise Loan Fund was being gutted to provide money through other programs that aren’t dedicated to helping Ohio’s minority business owners. My legislation rectifies this situation and safeguards future opportunities for minority business owners.”

Under the legislation, up to $3 million transferred from the Minority Business Enterprise Loan Fund will be used “solely for minority business enterprises or minority businesses certified by the minority business supplier development council,” according to the release.

The bill was passed concurrently by the House and Ohio Senate. It’s expected to go before Gov. John Kasich soon.